THE CASE FOR YOUR SUPPORT
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MESSAGE FROM LEADERSHIP
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ince 1998, w!se has been addressing the need to improve financial literacy and develop a competitive workforce. These pressing issues threaten the country’s long term potential for wealth creation and growth. The magnitude of these challenges cannot be overstated. We know that 44 million young Americans owe more than $1.45 trillion in college loan debt, an average of almost $38,000+ per head. The majority of these young borrowers never had any financial education in high school. How can we expect them to make informed decisions involving such a daunting financial burden, when they don’t have the necessary knowledge or skills? This lack of financial literacy affects the lives of other segments of the population as well, especially the underserved. Most people, for example, think only of physical abuse when they consider domestic violence, yet financial abuse happens in 99% of all domestic violence cases and is one of the most powerful methods for keeping a survivor trapped in an abusive situation - the abuser controls the money! Financial education is, therefore, critical after a victim leaves an abusive relationship.
for college, they don’t have the necessary skills for post-secondary studies. They are also woefully ill-prepared for the 21st century workforce. Less than a third of employers think that college and high school graduates are ready for the world of work (Forbes). Worse, a staggering 92% of senior executives believe that there is a serious skills gap among young people! (PIACC). Every day, through our award winning programs and services, w!se is leading the way in transforming the lives of thousands of students, educators and adults from all corners of the U.S. We provide college and high school educators with the training and tools to help their students become financially literate young adults; we offer these students an opportunity to earn one of our coveted Financial Literacy Certifications; we inspire young people to develop the essential skills to be better prepared for college and the workplace; and we guide adults, especially those who are underserved and vulnerable, towards a path of financial independence. We hope you enjoy reading about programs created to address these two issues and will support our bold efforts!
We are also failing our young people by not adequately preparing them for college and career success. Every year, almost 60% of first year college students report that, despite being eligible
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James M. Abry Chairman of the Board
Phyllis Frankfort Perillo Founder, President, & CEO
David Anderson Executive Vice President
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THE MISSION OF W!SE Founded in 1998, Working in Support of Education (W!SE) is one of the leading national educational nonprofits with a mission to improve the lives of people through programs that develop financial literacy, readiness for college and the workforce. Based in New York City, our initiatives transform the lives of Americans in 48 states and the District of Columbia.
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e are spearheading a national effort to empower people, especially the underserved, to lead lives of financial well-being, succeed in college and excel in an increasingly competitive global workplace. At the heart of our offerings is a family of financial literacy initiatives, comprising the Financial Literacy Certification for high school students, the Certification in Personal Finance for educators and the MoneyW!SE program for survivors of domestic violence. These programs differ in scope and target audience, but all share a common thread – the administration of our standardized assessment of personal finance knowledge and a certification for those who master the subject matter. Our career and college readiness programs reinforce high school instruction, helping students improve their communications, problem solving, mindfulness, leadership and critical thinking skills, which are all essential for postsecondary and professional 4
success. Central among them are Quality of Life INNOVATIONS, the W!SE Institute and the Euro Challenge, a program of the EU Delegation to the US, which we manage on behalf of the Delegation. W!SE is governed by a 14 member Board of dedicated, civic-minded business leaders and is led by Phyllis Frankfort Perillo, Founder, President and CEO. Ms. Perillo is supported by David Anderson, EVP, 12 other professionals and 1,000 dedicated volunteers.
“I have so many parents thank me for getting their teenagers talking about student loans and how they are going to pay for college.” – Liz Miller, Loudon County Public Schools, Ashburn, VA
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OUR HISTORY
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1994 - 1998
2001 - 2002
2006
Launched two signature high school education initiatives, the W!SE Institute – a unique educational enrichment program at a leading NYC Title 1 school, and Quality of Life INNOVATIONS – a social entrepreneurship research program and competition. Both award winning programs have defined us as a leader in preparing economically disadvantaged high school students for college and career success.
Created and launched our flagship Financial Literacy Certification program for high school students in New York City to address a critical lack of financial literacy among youth. The program is now integral to high school personal finance instruction in 48 states.
Helped the Delegation of the European Union to the US create the Euro Challenge, and, as national coordinator for the Challenge, spearheaded expansion to high schools in 16 states today.
Since w!se was founded in 1998, we have demonstrated an ability to operate programs and services on a national level involving significant numbers of educators, students and underserved adults as well as local partners from all sectors. Our programs are well recognized for their pedagogical excellence, careful design and a focus on making a transformational impact on the target audiences served. Our many milestones include, but are not limited to:
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2009
2013
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Developed the first Certification Test for educators that enables them to strengthen their credentials to teach personal finance and earn a Certification in Personal Finance. The Certification Test has been administered to teachers from 35 states.
Launched MoneyW!SE in The Bronx to provide a pathway for survivors of domestic violence to become financially independent; it is now offered in all five boroughs of New York City as well as in New Orleans, Salt Lake City, San Diego and White Plains, NY.
Created the first national ranking of the “100 Best w!se High Schools Teaching Personal Finance,� the first and only national ranking in the field of personal finance education
Created EGE (Engineered Green Economics), an innovative STEM program for high school students at a leading NYC Title 1 school, preparing them to influence social and environmental change and sustainability
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THE NEEDS WE ADDRESS w!se’s programs are designed to tackle two critical educational issues. First, our financial literacy programs strengthen and measure levels of personal financial knowledge to help overcome financial illiteracy. Second, our workforce and college readiness programs reinforce and enhance instruction to help overcome the paucity of student knowledge, critical thinking and leadership skills needed to succeed in the global 21st Century workforce.
THE CASE FOR YOUR SUPPORT A silent killer walks among us but it is neither an awful medical disease nor a human predator. Its alarming presence is felt throughout American society and yet it is not visible to the naked eye. This terrible condition is called: Financial Illiteracy. Financial illiteracy prohibits individuals from becoming productive members of the economy and society by engulfing them in a cycle of ever increasing debt. It decreases the chances of effectively assessing financial risks or opportunities. It hinders anyone seeking to be financially secure and can increase the chances of losses due to fraud or scams. Of great concern, it magnifies the physical and mental issues associated with being in debt and lessens the chances of finding an appropriate debt solution.
“I regularly have students who have graduated come back and tell me how this was the most beneficial class they had in high school and that they use their financial literacy daily.” – Liza Anzalone, Elkhorn Area HS, Elkhorn, WI
According to a 2016 Fortune magazine story, nearly two-thirds of Americans cannot pass a basic test of financial literacy. Worse yet, a study by the FINRA Foundation shows that the percentage of those that can pass the test has fallen consistently since the financial crisis. The study also revealed that “even eight years after the financial crisis, significant segments of the population, 8
including African-Americans, Hispanics, women, Millennials, and people lacking a high school education—so a lot of people—are still worse off than before the recession.” Financial illiteracy among young people is especially acute. The latest (2015) results released by the OECD’s Program for International Student Assessment (PISA) show that more than one in five (22%) U.S. teenage students lack basic financial skills. Juggling a checkbook, creating a bank account, handling any kind of personal finances is a problem especially prevalent among youth. This lack of financial literacy is clearly a national issue because behaviors exhibited by high school students are closely linked to their future habits as consumers, borrowers, savers and investors. 42% of Millennials pay only the minimum on their credit cards and 53% don’t even know their interest rate!
COLLEGE AND CAREER READINESS Financial education is not the only pressing need. A high school diploma alone is no longer a ticket to opportunity. To remain competitive, students must pursue high-quality vocational training programs or enroll in two- or four-year colleges. Many employers and educators argue, however, that high school students are not equipped with the skills necessary to succeed in college or the workplace. Students from low- to moderate-income families are especially unprepared, which greatly reduces their chances of qualifying for a good job. A study released by the Education Trust in 2016 revealed that while more kids are graduating high
school (82% according to the study), only a small percentage of these students are prepared for life after school. The study highlighted that only 8% of high school graduates have taken a set of foundation courses that can help them be ready for and succeed in college or the workforce. 47% have completed “neither a college or career ready curriculum.” Instead, students are graduating high school with a “hodgepodge” of classes that simply do not prepare them for the next phase of their lives. Students feel the same way. Another 2016 study by Youth Truth found that only 45% of high school graduates have a positive feeling about their college and career readiness. Equally important, students are not developing the “soft skills” in high school that are so critical to college and career success. One leading university, Sarah Lawrence, has defined six of these critical abilities that are needed long term success: the ability to (1) think analytically, (2) express ideas through writing, (3) exchange ideas effectively through oral communication, (4) innovate, (5) work independently, and (6) accept and act on criticism. These abilities are recognized by business and nonprofit leaders as essential for students if they are to compete in today’s marketplace.
“It has raised financial literacy awareness in our community; local banks are in tune with what we are doing in the schools and offer their time and resources. I have spoken to the Chamber of Commerce and Kiwanis Club (twice) about what we are doing in the schools with financial literacy and our success with the w!se test.” – Joy Munsey, Holston HS, Damascus, VA
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Because of the w!se program, I will never forget about the importance of living within your means, budgeting and planning and considering wants vs. needs. I can now talk with my parents and other adults about money in a knowledgeable and educated way. – Keeshawn Duncan, Cardinal Spellman HS, Bronx NY
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OUR SOLUTIONS
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ince 1998, w!se has been addressing these challenges. We have created a suite of cutting edge, high quality and cost effective programs that a) promote excellence in financial education for young people and at risk adults and b) help students prepare for college and careers, providing them the knowledge and skills needed to succeed in the 21st Century. Our programs feature a suite of financial capability initiatives: The Financial Literacy Certification program, Certification in Personal Finance and MoneyW!SE for Domestic Violence Survivors. In addition, we offer a range of workforce and college readiness initiatives, central among them, Quality of Life INNOVATIONS and the W!SE Institute, both ground breaking in their fields. Our services include the Euro Challenge, a program of the EU Delegation to the US. These programs are well recognized for their pedagogical excellence and have succeeded on
the national stage and we have a strong network of relationships with state Departments of Education, school districts and schools throughout the US and an equally strong network of partnerships with private sector and government organizations, notably the Financial Services Roundtable, the Federal Reserve, the Jump$tart Coalition, the Financial Planning Association and Teachers College, Columbia University. We have received numerous awards attesting to the exceptional quality of our programs, notable among them, the US Treasury Department’s John H. Sherman Award for Excellence in Financial Education.
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FINANCIAL LITERACY N AT I O N A L
FINANCIAL LITERACY CERTIFICATION
CERTIFICATION IN PERSONAL FINANCE FOR EDUCATORS
Our flagship Financial Literacy Certification program enables high schools to give their students an opportunity to become financially literate before entering college or the workforce and to make sound financial decisions that will impact their long-term wellbeing. Participating schools teach personal finance during school hours and then administer our national standardized Financial Literacy Certification Test. Students passing the Certification Test become Certified Financially Literate (CFL™). To support instruction, we provide professional development, a curriculum and resources, online lesson plans and practice questions, a Pretest and other instructional tools. In addition, we measure the impact of instruction on students’ financial behavior – the essential barometer of financial capability.
Qualified educators are critical to the success of financial education and yet, there has generally been no way to measure their proficiency to teach the subject matter. Thus, we created the Certification in Personal Finance Test. Those passing the Test earn our Certification in Personal Finance. We also provide study materials to help them prepare for the Test. It is administered at universities, school districts and departments of education, a credential valued by state departments of education and/or school district offices.
MONEYW!SE Financial abuse is one of the most powerful methods for keeping a victim of domestic violence trapped in an abusive situation: a major reason victims stay or return to the relationship is because the abuser controls the money! Financial education is, therefore, critical after a victim leaves her abusive relationship. w!se launched MoneyW!SE in 2009 to provide this much needed financial education. Through courses on personal finance, DV survivors learn the essentials of personal finance, empowering them to take control of their finances and cultivate sound financial behaviors. At the end of the course, they take w!se’s Financial Literacy Certification Test. Those who pass become Certified Financially Literate, a certification that can help in their search for work. 12
READINESS FOR COLLEGE AND WORKPLACE QUALITY OF LIFE INNOVATIONS (QLI) Through our QLI program, we help students become better prepared for college and the workplace by developing their college-readiness skills and encouraging them to be agents of change in their communities. This social entrepreneurship and civic engagement program is designed to significantly improve students’ critical thinking, research, communications and problem solving skills. QLI asks: What would you do to improve the quality of life? To answer, students choose a community issue they care about; work with experts to conduct primary and secondary research to develop a recommendation for change; write a college-level proposal on their issue with results and recommendation; and submit their research papers to w!se’s QLI competition to be judged by corporate professionals, community leaders, college professors and social entrepreneurs. Finalists give an oral presentation. 1st, 2nd, and 3rd prize winners receive scholarships totaling $30,000.
W!SE INSTITUTE The w!se Institute is an unique initiative that provides academic enrichment and career development opportunities for economically disadvantaged public high school students in New York City. The Institute gives students access to life-changing learning experience during high school through seminars taught by volunteer professionals as well as after-school community service and internships at leading organizations. The seminars provide variety in the traditional school day, enhance and reinforce instruction, inspiring them to do well in school and develop knowledge, character and life-long skills. Internships and community service provide insights into jobs/careers as well as the opportunity to apply and acquire knowledge and skills. (FPO) The w!se Institute is an unique initiative that provides academic enrichment and career development opportunities for economically disadvantaged public high school students in New York City. The Institute gives students access to life-changing learning experience during high school through seminars taught by volunteer professionals as well as after-school community service and internships at leading organizations.
EURO CHALLENGE Euro Challenge, an exciting competition-based program, developed by the Delegation of the European Union to the United States, for high school students to learn about the Euro Area and its single currency, the euro. W!se is the national coordinator of the program. Working in teams, students make presentations to judges about the current state of the Euro Area economy. They also select a country and then identify, explain, and recommend policies to address an economic challenge facing the country. Students compete in regional heats with the best teams advancing to the national finals in New York. The top 5 teams earn monetary rewards and the top 2 earn a trip to Washington, D.C. where they deliver their presentations at the embassy of the country they researched.
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WAYS YOU CAN HELP To sustain and grow our programs, it requires broad-based support from friends and supporters from across the United States. Your TAX-DEDUCTIBLE contribution can truly make a difference in the work that we do. Please join this effort and unite with us to become a friend and supporter. Your involvement, no matter how large or small, will give special meaning to the lives of thousands of people. We hope you’ll partner with w!se --- here are some ways you can help:
MATCHING GIFTS PROGRAM
MONTHLY E-TRANSFERS
Companies often will match the personal contributions made by an employee to their charity of choice. Matching gift programs are frequently matched dollar for dollar and in some cases, can leverage as much as a 3:1 dollar match. All the employee does is complete a simple company form and submit it along with their donation to the charitable organization. Check with your Human Resources office or Personnel Department to see if your company participates in such a program.
Make a monthly electronic gift to us with your checking or regular bank account. Since monthly donations are processed automatically, they help reduce our fundraising expenses, allowing us to devote an even greater percentage of your gift to w!se.
CHECKS You can mail in a donation via a check to: Working in Support of Education 227 East 56th Street, Suite 201 New York, NY 10022
CREDIT CARD GIVING Use your credit card to contribute to w!se? You may wish to consider a monthly gift through your credit card which will be done on the day each month of your choosing. To charge your gift to w!se, call 212.421.2700, or visit our web site at www.wise-ny.org.
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JOIN OUR JUNIOR BOARD: Join the w!se Junior Board to promote awareness of the organization and its Mission. The Junior Board endeavors to further the goals of the organization through fundraising, hosting of events and volunteering.
ALUMNI LEADERSHIP Our Alumni Leadership program is open to young adults in their late teens, 20’s and 30’s who are seeking a way to give back and help w!se for its help with their financial education. Alumni Leadership also are the faces of future leadership and are involved in various activities ranging from socials to educational and fund raising events.
CORPORATE FRIENDS OF W!SE
GIFTS OF STOCK
Businesses in Corporate America have a unique opportunity to become involved by becoming Advocates of Financial Education. Corporations can participate in this initiative by providing grants to support w!se’s financial education initiatives, by making an annual gift to Corporate Friends of w!se, by offering a matching gifts program that their employees can participate in and by recruiting other corporate benefactors
Donating stocks, bonds or other securities that rose in value, can provide you with significant tax savings. A gift of appreciated stock, for example, generally provides the donor with two types of tax advantages. You might avoid the capital gains tax on the increase in the value of the stock. You also receive an income tax-deduction for the full fair market value of the stock.
W!SE REMEMBRANCE SOCIETY Estate Planning is a key way to also remember your favorite charity for its good work. One way to do advance planning is to leave a legacy or bequest in your Will to w!se so that it can continue to do its great work - Remember w!se in your Will. The w!se Remembrance Society also was established for those who wish to show their commitment for our work done. This can be done by establishing a charitable trust, or by naming w!se through a gift of life insurance. As a member of this exclusive society, you belong to a prominent group of leaders who influence our work, our vision and our growth.
BECOME A VOLUNTEER: You can make a direct impact using a “hands on” approach. w!se volunteers are: Seminar Presenters, Competition Judges, Event Staff, Test Review, Office Administrative Support, Workshop Presenters and Conference Speakers. These are only some examples of how to volunteer.
HOST AN EVENT An important way to show your support is to host a w!se event in your home. Invite major leaders in your community to participate and learn about the many issues faced by W!SE and how these people can be influential and supportive of its Mission.
SUPPORT OUR EVENTS We host special activities in order to raise the consciousness of the public about the many programs at w!se. Gala events, receptions, walk-a-thons and related happenings are periodically held and require broad based community support. Be in the forefront and participate in these as you become aware of their planned schedule.
We welcome your TAX-DEDUCTIBLE gifts to W!SE so that we can continue our noble work! Remember w!se in your Will! 15
“I helped my brother calculate how much money he could spend on musical instruments based on his expenses and how much money he earns.” – Leah Shapiro, Shevach HS, Flushing, NY
I learned to budget my money and how important it is to have an emergency fund. I was also particularly grateful to learn what kind of accounts are available for college savings for my kids, the necessity of having a life insurance policy, and what to look for in purchasing a policy. I am so grateful for the chance to take this class and feel so much better!”
“Before taking the course, I was in an abusive relationship and was dealing with a number of issues that took precedence over my finances. I didn’t think about my finances as much as I should have and I certainly never thought it was important to plan out my future financially. I learned to budget my money and how important it is to have an emergency fund. I was also particularly grateful to learn what kind of accounts are available for college savings for my kids, the necessity of having a life insurance policy, and what to look for in purchasing a policy. I am so grateful for the chance to take this class and feel so much better!”
– Client, MoneyW!SE – Client, MoneyW!SE
“I was able to help my mother and in the process of applying for my first bank account I knew all the terminology and was able to determine the best one for me.” – Cindy Strickland, Indian Hills HS, Oakland, NJ
“Learning how to plan is the most important thing I learned studying personal finance. I practiced planning by making a plan for college…I feel more competent and prepared to manage my own finances because of what I have learned.” – Nathan Burlett, Abingdon HS, Virginia
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“Developing budgeting skills is one of the most valuable lessons I learned from studying personal finance…In one project, we kept track of every single purchase we made for an entire month. This made me realize where I spent the most money and where I would be saving….This project helped me to discover what I valued – I’d rather spend on experiences and on opportunities to be with friends, than on Starbucks and make up. I was able to budget a lifestyle I aspire to have, while still saving for my ideal retirement.” – Ana Margarita De Ramos, Eleanor Roosevelt HS, New York, NY
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FACTS AND FIGURES W!se’s programs have a great track record of success because they encourage educators to think out of the box, challenge students to strive for excellence, and address the unique needs of the underserved. Key components of each initiative are partnerships, measurable outcomes, evaluation and volunteerism.
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W!SE INSTITUTE Seminars and work experiences reinforce students’ learning. 94% report applying the knowledge learned from seminars to their academic work.
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FINANCIAL LITERACY CERTIFICATION We have directly and indirectly served a more than a million students at 1,000 public high schools from 48 states in the US, including 500,000 in the last five years alone. 18
90
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QUALITY OF LIFE INNOVATIONS More than 90% of QLI students attend a 4-year college.
90
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CERTIFICATION IN PERSONAL FINANCE FOR EDUCATORS 88%-90% of educators pass the Certification Test on average.
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EURO CHALLENGE Launched in just ten schools in New York, the program now reaches 750+ students a year from more than 100 high schools in 15 states plus Washington DC.
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MONEYW!SE
There is a dramatic improvement in financial behaviors after the course. 142% more participants are budgeting, 117% more are setting financial goals and 73% more are banked and saving after instruction than before.
METRIC REPORT (5P)
SPONSORSHIP (1P)
BOARD MEMBERSHIP (1P)
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93
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W!SE INSTITUTE
W!SE INSTITUTE
The program has a 100% success rate in terms of improving students’ social awareness & sensitivity to community issues, use of technology and interactions with others
As a result of their QLI experience, 93% of students have become highly skilled at critical thinking, in writing, research and analyzing data & information
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80
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MONEYW!SE
MONEYW!SE
On average, course participants earn a score of 76% on the Certification Test, providing them with a sound foundation knowledge of personal finance and a pathway to financial independence
More than 80% pass the Certification Test each year with an average improvement between pretest and Certification Test scores of 25%
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QR CODE
227 E. 56th Street, Suite 201 New York, NY 10022 212.421.2700 https://www.wise-ny.org info@wise-ny.org CONNECT WITH US